After previously stating that it was uninterested in expanding its presence mostly on Nevada Block, Leisure Properties and Gaming (NASDAQ:GLPI) is now implying a desire to consider a Sin City purchase.
The Tropicana’s property assets are owned by the (REIT) real estate investment trust, but that is its only reason to hold on the Strip. Earlier, GLPI CEO Peter Carlino stated his preference for regional casino assets in “the hinterlands” over the Strip’s uncertainty. However, during the industry’s third-quarter profits conference last week, the CEO stated that he is willing to change his mind and potentially assess Strip real estate purchases.
Las Vegas GLPI Activity
While its presence on the Strip is limited, GLPI is operative in the Las Vegas location. Bally’s awhile back completed the acquisition of Tropicana’s operating rights, and the venue’s coming years could include a major overhaul or outright demolition.
Penn Entertainment intends to expand the M Resort in Henderson, Nevada, which is also currently owns by GLPI. The REIT as well possesses the Cactus Pete’s in Jackpot and also the Tropicana in Laughlin.
GLPI’s New Perspective on Las Vegas
The pace of Strip real estate transactions has been steady, if not brisk, in recent years, indicating that GLPI may have opportunities to shop. Carlino didn’t state specific properties the REIT could target during the conference call. But he apologized for ignoring Las Vegas after COVID-19 and appears willing to make amends.